30 January 2024

Leathergoods - Almost 75% of LVMH profit is from its leathergoods division

Image shows basketball star LeBron James modelling elements of the Louis Vuitton men’s collection for spring-summer 2024.

Luxury group LVMH has reported record full-year sales revenues of €86.1 billion for 2023, in spite of what it called “a disrupted environment”. This figure represents an increase of 9% year on year. Report by Leatherbiz.

It called the performance of its leathergoods and fashion business group remarkable, in particular the results that Louis Vuitton, Christian Dior, Celine, Fendi, Loro Piana, Loewe and Marc Jacobs achieved.

Revenues from the leathergoods division reached more than €42 billion, an increase of 9% year on year. This part of the business delivered 49% of total revenues. It also contributed close to 75% of group profits, which reached €22.8 billion in total.

Chief Executive, Bernard Arnault, commented that, as well as innovation, high-quality design and “retail excellence”, the group’s results owed a lot to “a cultural and historical dimension” that the heritage of its brands brings.

He said that “passing on our expertise” to new generations of craftspeople was one of several key areas in which LVMH made progress in 2023.

He added: “We enter 2024 with confidence, backed by our highly desirable brands and our agile teams. It promises to be an inspiring, exceptional year for us all, featuring our partnership with the Paris 2024 Olympic Games, a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.”

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